I am watching the SPY to see how it is performing after reaching an abnormally overbought condition.
Below is a chart with SPY performance since being abnormally overbought plotted over the original study.
As the graph shows, SPY is currently under-performing the average of all performances when it has been abnormally overbought.
Since the 6th day has typically been the low point after this setup, it would not be a surprise to see some downside on Monday.
